Terms Used In Virginia Code > Title 58.1 > Subtitle III > Chapter 35.1 - Personal Property Tax Relief

• ABIH: means a nonprofit corporation established to improve the practice and educational standards of the profession of industrial hygiene by certifying individuals who meet its education, experience, examination and maintenance requirements. See Virginia Code 40.1-139
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• BCSP: means a nonprofit corporation established to improve the practice and educational standards of the safety profession by certifying individuals who meet its education, experience, examination, and maintenance requirements. See Virginia Code 40.1-139
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Bequest: Property gifted by will.
• City: means an independent incorporated community which became a city as provided by law before noon on July 1, 1971, or which has within defined boundaries a population of 5,000 or more and which has become a city as provided by law. See Virginia Code 1-208
• Commissioner of the revenue: means the same as that set forth in § Virginia Code 58.1-3523
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Department: means the Department of Motor Vehicles. See Virginia Code 58.1-3523
• Department: means the Department of Labor and Industry. See Virginia Code 40.1-2
• Donor: The person who makes a gift.
• Effective tax rate: means the tax rate imposed by a locality on tangible personal property multiplied by any assessment ratio in effect. See Virginia Code 58.1-3523
• Employee: means any person who, in consideration of wages, salaries or commissions, may be permitted, required or directed by any employer to engage in any employment directly or indirectly. See Virginia Code 40.1-2
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Governing body: means the board of supervisors of a county, council of a city, or council of a town, as the context may require. See Virginia Code 15.2-102
• in writing: include any representation of words, letters, symbols, numbers, or figures, whether (i) printed or inscribed on a tangible medium or (ii) stored in an electronic or other medium and retrievable in a perceivable form and whether an electronic signature authorized by Virginia Code 1-257
• Industrial Hygiene: means the science and art devoted to the anticipation, recognition, evaluation, and control of environmental factors and stresses arising in or from the workplace that may cause sickness, impaired health and well-being, or significant discomfort among workers, and that may also affect the workplace's community. See Virginia Code 40.1-139
• Leased: means leased by a natural person as lessee and used for nonbusiness purposes. See Virginia Code 58.1-3523
• Local planning commission: means a municipal planning commission or a county planning commission. See Virginia Code 15.2-2201
• Locality: means a county, city, or town as the context may require. See Virginia Code 1-221
• Month: means a calendar month and "year" means a calendar year. See Virginia Code 1-223
• Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
• Personal property: All property that is not real property.
• Privately owned: means owned by a natural person and used for nonbusiness purposes. See Virginia Code 58.1-3523
• Qualifying vehicle: means any passenger car, motorcycle, autocycle, and pickup or panel truck, as those terms are defined in § Virginia Code 58.1-3523
• State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
• Tangible personal property tax: means the tax levied pursuant to Article 1 (§ Virginia Code 58.1-3523
• Tax year: means the 12-month period beginning in the calendar year for which tangible personal property taxes are imposed. See Virginia Code 58.1-3523
• Town: means any existing town or an incorporated community within one or more counties which became a town before noon, July 1, 1971, as provided by law or which has within defined boundaries a population of 1,000 or more and which has become a town as provided by law. See Virginia Code 1-254
• Treasurer: means the same as that set forth in § Virginia Code 58.1-3523
• United States: includes the 50 states, the District of Columbia the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands and the United States Virgin Islands. See Virginia Code 1-255
• Used for nonbusiness purposes: means the preponderance of use is for other than business purposes. See Virginia Code 58.1-3523
• Value: means the fair market value determined by the method prescribed in § Virginia Code 58.1-3523